Donahue Savings Bank was ordered closed by the FDIC in 1977

Sept. 1, 1977: In an unprecedented sequence of events, the Donahue Savings Bank was ordered closed by the Iowa State Department of Banking, and its assets were sold at a private auction to Davenport Bank and Trust Co., the Quad Cities’ largest financial institution. President V.O. Figge announced that Davenport Bank intended to operate a full-service office while providing the Donahue community with all its banking needs. The purchase price was $480,000 and with that Davenport Bank also assumed approximately $5.1 million in book deposits and other liabilities. This prevented a potential financial loss to depositors.